Business
BWR Exploration Inc. Closes First and Second Tranche of Private Placement
TORONTO, ONTARIO--(Marketwired - Jan. 2, 2018) - BWR Exploration Inc. (TSX VENTURE:BWR) ("BWR" or the "Company") is pleased to announce the closing of the first
About this update from Bwr Exploration Inc.
[{"type":"text","content":"TORONTO, ONTARIO--(Marketwired - Jan. 2, 2018) - BWR Exploration Inc. (TSX VENTURE:BWR) (\"BWR\" or the \"Company\") is pleased to announce the closing of the first and second tranche of the previously announced non-brokered private placement (the \"Offering\") for gross proceeds of $677,850. The first tranche of the private placement closed on December 22, 2017 (the \"First Tranche Closing\") and raised aggregate gross proceeds of $577,850. 1,330,000 flow-through shares (\"Flow Through Shares\") and 6,355,000 non flow-through units (\"Units\") were issued in connection with the First Tranche Closing. The second tranche of the private placement closed on December 29, 2017 (the \"Second Tranche Closing\") and raised gross proceeds of $100,000. 1,000,000 Flow Through Shares were issued in connection with the Second Tranche Closing. As previously announced, each Unit consists of 1 common share (a \"Common Share\") of the Company plus one half of one common share purchase warrant (a \"Warrant\") of the Company. Each Warrant will expire 24 months from the date of issue (the \"Warrant Expiry Date\") and each whole Warrant will entitle the holder thereof to purchase one Common Share (a \"Warrant Share\") at a price of $0.15 per Warrant Share. All securities issued have a hold period of 4 months plus one day, which expires on April 23, 2018 for the First Tranche Closing and April 30, 2018 for the Second Tranche Closing. Together, the gross proceeds raised in the Flow-Through Shares portion of the Offering was $233,000, while the amount raised in the Units portion of the Offering was $444,850. The remaining available Flow-Through Share portion of the Offering is $767,000, while the remaining Unit portion of the Offering is $395,150. The Company may elect to complete a further closing in mid-January for all or a portion of the above residual amounts. In connection with the Offerings, BWR has paid finder's fees in an amount of $31,492.00 and issued 370,000 finder's warrants. Each finder's warrant entitles the holder thereof to purchase one Unit of the Company at a price of $0.10 per Unit for a period of 24 months from the date of issuance. One insider participated in this financing subscribing for 860,000 Units for net proceeds to the Company of $60,200. The proceeds from the non flow-through portion of the Offering will be used for genera...